2016 (3) TMI 1339

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....C.: 1. This Appeal filed by the Revenue under Section 260A of the Income Tax Act, 1961 (the "Act") takes exception of the order dated 23rd April, 2013 passed by the Income Tax Appellate Tribunal ("Tribunal"). The impugned order dated 23rd April, 2013 relates to Assessment Year 200506. 2. The AppellantRevenue has urged only the following questions of law for our consideration: " (a) ....

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....st on tax refund by holding it to be income from 'Profits & Gains of Business or profession' without appreciating that the interest income had accrued to the assessee on account of deposits and tax refund and thus had no immediate nexus with the industrial undertaking, deduction was not admissible in view of the ratio of the decision of the Hon'ble Supreme Court in the case of Liberty ....

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....Tribunal, it is clear that such a contention was not raised by the Revenue before the Tribunal. Thus, question no.(a) does not arise from the impugned order of the Tribunal. (ii) In any view of the matter, this issue on merits stand concluded by the decision of this Court in CIT v/s. Pruthvi Brokers & Shareholders Pvt. Ltd. (2012) 349 ITR 336 where it has been held that not raising an issue bef....

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....n tax refund was not agitated before the Tribunal. We are of the view that the above issue of interest on tax refund not to be treated as interest on deposits was not agitated by the Revenue before the Tribunal. Thus this issue not arising from the order of the Tribunal, does not arise for our consideration. (ii) In any case we find that the impugned order of the Tribunal has followed its decis....